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. now i'll ask about the faa furloughs, which started yesterday. a group of almost the entire airline industry, including air traffic controller unions, flight attendants, pilot unions, and the industry itself, have written denis mcdonough and the white house a letter saying that the faa should be granted flexibility so they don't have to furlough the air traffic controllers. what do you say to this broad coalition? they say that other agencies have been given such flexibility and they believe the faa should have the same flexibility. >> let me give you some facts. the department of transportation is required by law to cut about $1 billion between now and the end of september; $637 million of that comes from the faa. the faa has initiated a series of cost-saving measures for personnel and non-personnel related, including a hiring freeze, restrictions on travel, termination of certain temporary employees, and reductions to contracts, among other savings. but furloughs cannot be avoided. seventy percent of the faa's operations budget is personnel. the faa must furlough 47,000 employees
i think has done a great job. he came in and he said hey, folks, i gotta tell you the faa is one of the biggest parts of the department of transportation. and they got nothing but people, you know. they don't have like battleships that can keep in port or whatever and we're going to have to cut x billion dollars whatever it is. the only way we can meet that goal is we're going to have to furlough. and most of our people -- so we have nothing but employees basically. most of our people or a good schaffer our people are air-traffic controllers so there is no way -- this is what lahood told us, told the world. there is no way that we can avoid this. therefore, no way to avoid what that's going to mean. three things, he said. delays in flights. cancellation of flights and shutting down some regional towers. and he appealed to his fellow republicans. he is a republican. was saying republicans cannot let this happen because they're going to suffer the consequences. of course people said they're just exaggerating. that's not going to happen. and then march 1 kicks in, the sequester kick
what those jitters say about the state of the this market coming up. ashley: outrage over faa furloughs and flight deys. lawmakers demanding answers from the white house. but those delays not stopping airline stocks from soaring. they're in the green today. we'll have all of that straight ahead. tracy: everyone is talking apple expected to report its first quarterly profit drop in 10 years. can apple do anything to stop the slide? we'll have a preview coming up. ashley: first at to the top of the hour, stocks back on track after a steep drop last hour. nicole petallides on the floor of the new york stock exchange. sandra smith is in the pits of the consider me. let's begin with nicole. i guess it as hacker flash crash of sorts, nicole. >> that is good way to call it. this is moment, whew, its all done. we made it through. look where market averages are. they are virtually where they were moments before we saw the market move into negative territory. the dow industrials up 130 points, a gain of 1%. like s&p 500, tech-heavy nasdaq best of the bunch. continuing trend we've seen three days
, i think they should furlough the president and congress. >> the faa claims it had no choice but to put 15,000 controllers on unpaid furloughs, which means 10% fewer of them working each day. that could mean delays of 3 1/2 hours in atlanta, two hours in chicago and 1 hour and 20 minutes in laguardia. the airlines are furious and argue there are other places to cut. >> the air traffic controllers have never been furloughed. they should not be furloughed now. >> the controllers complain they're being used as political pawns. >> it's the piece of sequestration that affects americans the most. and i don't think that it's fair that air traffic control, particularly air traffic controllers are being used as a pawn. >> ray lahood has a message. >> tell them to fix sequester, and this will go away. >> the administration seems to be saying that any solution to put the air traffic controllers to work must include an overall roll back of the sequester. which does not look like something that's going to happen any time soon. the next few months could be a nightmare for travelers. >> the
of regulators and company officials asserted by the plant's safety. to say manpower, the faa designates employes and aircraft makers will see the safety testing of new planes. >> the obama administration says, it has seized 21 million from troubled of leg of his carauto maker fisker automotive. that's just weeks after the company laid off 3/4 of its workers, amid continuing financial and production problems. fisker had already received nearly 200 million, o 29 of the $529 million federal loan, before the problems which led officials to freeze the loan in 2011. it has pledged its assets as collateral. the government was given to the anaheim based company is part of an obama in ministration program to boost electric cars, and other advanced vehicles. the nation's biggest banks are rolling out the next generation of 80 atm s the latest model including features like video chatting with a live teller in getting changer paying your credit card bill. bank of america's new tellers is machines for example allowed a customer to swipe a debit or credit card, driver's license or photo id for authentication.
Search Results 0 to 4 of about 5